Boise Cascade, L.l.c. · NYSE:BCC

Boise Cascade, L.l.c — Q4 2014 Earnings Presentation

14 slides from Boise Cascade, L.l.c's earnings presentation, Feb 19, 2015

  1. Slide 1: Fourth Quarter 2014 Earnings Webcast

    Boise Cascade Company Fourth Quarter 2014 Earnings Webcast February 19, 2015

  2. Slide 2: Forward-Looking Statements

    Forward-Looking Statements  This presentation includes statements about our expectations of future operational and financial performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The accuracy of such statements is subject to a nu

  3. Slide 3: Executive Summary

    Executive Summary  Fourth quarter sales were $862.0 million, up 8% from 4Q13.  Full year 2014 sales were $3.6 billion, up 9% from 2013.  Fourth quarter net income was $15.7 million, or $0.40 per share, up 60% from 4Q13.  Full year 2014 net income was $80.0 million, up 66% from adjusted 2013 net

  4. Slide 4: 4Q 2014 Financial Highlights

    4Q 2014 Financial Highlights $ Millions Sales $ Millions EBITDA $1,000 $50 +8% +27% $900 $800 $40 13.0 $862.0 $700 669.4 $42.0 615.5 13.4 $600 $30 $500 $798.3 $33.1 $400 $20 34.2 $300 25.1 $200 $10 301.3 317.0 $100 $0 $0 (118.4) (124.3) (5.4) (5.2) ($100) ($200) ($10) 4Q 2013 4Q 2014 4Q 2013 4Q 2014

  5. Slide 5: Wood Products Plywood

    Wood Products Plywood Sales Volume Net Sales Price (mmsf 3/8” basis) ($/msf 3/8” basis) 450 430 428 $350 331 328 335 414 330 410 396 301 303 302 400 294 $300 355 346 344 350 $250 300 250 $200 200 $150 150 $100 100 $50 50 0 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2013 2014 Slide 5 February 19, 2015

  6. Slide 6: Wood Products EWP

    Wood Products EWP (mmcf) LVL (mmelf) I-joists 4.0 3.6 60 57 56 3.4 3.5 55 51 3.0 50 3.0 2.7 2.7 2.7 2.7 44 44 2.6 45 41 40 40 2.5 40 35 2.0 30 1.5 25 20 1.0 15 0.5 10 5 0.0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ($/cf) ($/melf) $18 $1,100 1,068 1,095 1,091 1,016 1,017 1,024 16.6 989 16.3 16.3 $1,000 964 16.0 15.

  7. Slide 7: Building Materials Distribution Sales

    Building Materials Distribution Sales ($ Millions) (% of Sales) $900 100 15 14 17 17 16 17 17 16 $800 758 773 722 $700 681 669 80 615 $600 581 586 31 35 34 32 32 34 34 35 60 $500 $400 40 $300 54 51 49 51 52 50 $200 49 48 20 $100 $0 0 1Q 2Q 3Q 4Q 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 2013 2014 Comm

  8. Slide 8: Working Capital

    Working Capital Balance Sheet Items ($ Millions) 12/31/2014 9/30/2014 Change Receivables $ 180.4 $ 221.1 $ (40.7) Inventory 394.5 398.9 (4.4) (a) Other current assets 5.3 8.9 (3.6) 580.2 628.8 (48.6) Accounts payable 152.4 188.4 (36.0) (b) Accrued liabilities 99.5 109.7 (10.2) 251.9 298.1 (46.2) Net

  9. Slide 9: Debt and Liquidity Highlights

    Debt and Liquidity Highlights ($ Millions) 12/31/2014 9/30/2014 12/31/2013 Net Debt Long-term debt $ 301.4 $ 301.5 $ 301.6 Cash & cash equivalents (163.5) (170.0) (118.2) Net debt $ 137.9 $ 131.5 $ 183.4 Liquidity Position ABL excess availability $ 266.8 $ 328.2 $ 258.3 Cash & cash equivalents 163.5

  10. Slide 10: Outlook

    Outlook  The current consensus estimate for 2015 U.S. housing starts is 1.16 million, up about 16% from 1.00 million in 2014. We are planning for 1.1 million this year.  We believe the long-term demand fundamentals for housing are still sound based on demographics in the U.S. and expect housing st

  11. Slide 11: Appendix

    Boise Cascade ~@ x. NA eee war PPR, EE ee oa Appendix February 19, 2015

  12. Slide 12: Appendix: Net Income to EBITDA Reconciliation

    Appendix EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. The following table reconciles net income to EBITDA for the three months ended December 31, 2014 and 2013, and September 30, 2014, and the years ended December 3

  13. Slide 13: Appendix: Segment Income to Segment EBITDA

    Appendix Segment EBITDA represents segment income before depreciation and amortization. The following table reconciles segment income to EBITDA for the three months ended December 31, 2014 and 2013, and September 30, 2014, and the years ended December 31, 2014 and 2013: Three Months Ended Year Ended

  14. Slide 14: Appendix: Adjusted Net Income Reconciliation

    Appendix Adjusted net income represents net income before certain unusual items. The year ended December 31, 2013 includes a $68.7 million income tax benefit associated with the recording of net deferred tax assets upon the Company’s conversion from a limited liability company to a corporation. The

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